HBAR Pulls Back Most of Monday's Gains After IBM Partnership Announcement
The price of HBAR, the native cryptocurrency of the Hedera network, experienced a significant pullback on Tuesday after a strong rally the previous day. On Monday, HBAR jumped by 27% to $0.13090, its strongest day in months, but on Tuesday it fell back to $0.10283, giving up most of the gains from the previous day.
There was no new announcement from Hedera or The Hashgraph Group that could explain the price movement. Bitcoin and Ether were both down less than half a percent over the same period, indicating that this was not a market-wide event.
The IBM announcement on September 23, which led to the rally, stated that IDTrust, an identity platform from The Hashgraph Group, had been admitted to the IBM Cloud Catalog. This partnership is significant because it allows IDTrust to be easily accessible to IBM customers through existing contracts.
However, it's essential to note that a catalogue listing is not yet revenue. The mechanics behind price jumps like this are often driven by market expectations rather than actual sales or usage. It may take quarters or even years for the revenue from this partnership to materialize.